ERP system is also known as Enterprise Resource Planning System. It is a system of integrated applications that let organizations standardize, integrate, and streamline their business processes across multiple sectors, including procurement, finance, distribution, human resource, etc.
Generally, a NetSuite ERP System operates on an integrated software platform with common data definitions based on a single database.
Key features that you must have in your company’s ERP system
Originally, the ERP system was developed for manufacturing companies. However, The ERP system has now become advanced. You can even find a cloud ERP system as NetSuite ERP System as well. Even more, the service industries have been expanded as well.
Well, here are some of the features which are a must for every ERP system in Malaysia.
1. Financial management
The availability of financial management components in your ERP system is a must. This way, an ERP system will allow you to store, analyze and monitor your entire financial data in one place. It will help you to reveal important insights regarding your expenditures, profits, and more. Ultimately, understanding profit trends, making financial forecasts, and making more informed decisions will become easier for you.
2. Enterprise wise integration
In any ERP system, business processes will be integrated end to end across the business units. However, the enterprise-wise integration will make it easier for you to have a glimpse of processes running across multiple business sectors or departments in the best possible way as the processes are updated in real-time.
3. Sales and Marketing
The sales and marketing component in an ERP system will handle the entire workflow of these fields, including quotations, sales inquiries, sales invoices, orders, and more. The ERP system will then combine the sales and marketing processes to accelerate the sales cycle and help your organizations bag more profit with ease.
4. Real-time Operation management
Since order recipients can occur within a few seconds, with a real-time operation management system, problems can be identified quickly. It will ultimately give the teams more time to handle and correct the situation.
5. A common database
A common database in your ERP Malaysia will enable the organization to define data once for the entire enterprise with each department using the same data definition. However, some of the ERP systems might have split databases for improved performance.
6. Inventory management
Whether you are buying your inventory or making it on your own, you must know what you have in hand to sell. This process comes under the inventory management category. For any modern ERP system Malaysia, it is important to track inventory and where it is moved. Therefore, inventory management should be a key feature of your ERP system.
Overall, ERP can be the best solution to improve your organization’s productivity and reduce management costs with ease. However, you can consider cloud ERP software by the #1 provider NetSuite ERP System with ease for enhanced efficiency. You can get a lot of benefits if you decide to use ERP systems. It will help you to automate things better.